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The International Energy Agency (IEA), in its latest ‘sustainable recovery tracker’, has observed that carbon emissions are set to rebound as countries focus on economic recovery post the Covid pandemic.
The IEA noted that global energy-related CO2 emissions are currently on track for the second largest single-year rebound in history in absolute terms, erasing most of the pandemic-related reduction from 2020.
“This 2021 rebound has been driven by increased electricity consumption, particularly in Asia, where coal power generation is prevalent. Infrastructure spending has featured in many recovery plans, particularly in emerging markets and developing economies (EMDE), and the demand for material inputs has contributed to rising emissions,” the report said.
It said several countries, notably the G7, have made more funding available to the clean energy economy but developing nations have fallen behind. IEA said the gap in sustainable recovery spending between advanced economies and emerging market and developing economies is still prevalent, with the former mobilising “nearly nine times the funding for clean energy through recovery measures than the latter.”
IEA noted that several countries are in the process of crafting and approving new spending programmes that would include substantial clean energy provisions. “These under-deliberation spending packages – notably in France, India, Japan and the United States – could see significant portions earmarked for clean energy,” it said.
The IEA tracker report holds more significance with the global climate conference COP26 barely days away where countries will announce their investment in climate change mitigation, clean energy and sustainable development.
For India, the IEA noted the recently announced Gati Shakti infrastructure plan. It said apart from India, no other country seems have any new spending plans with clean energy provisions in emerging and developing economies,
It said, international catalysts like development assistance could be key to increasing clean energy investment levels this decade in emerging and developing economies.
According to IEA’s calculations, At the end of October 2021, national governments globally have earmarked US$470 billion to clean energy measures as part of their economic response to the Covid-19 crisis, an increase of 20 per cent compared with the end of July. This corresponds to around 3 per cent of the total fiscal support unleashed in response to Covid-19 worldwide.
The IEA estimates clean energy investments worth about $4 trillion need to materialise every year by 2030, with up to two-thirds being invested in the EMDEs.
The Sustainable Recovery Plan launched by the IEA in 2020 estimated that if governments mobilised $1 trillion in clean energy investments each year from 2021-2023, it would boost global economic growth on average by 1.1 percentage points a year. IEA believes a full and timely implementation of the Plan would save or create roughly 9 million jobs and put the world on track to meet its goals outlined in the Paris Agreement.
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